Mastercard announced that it has invested in Instamojo, an India-based payment firm for small businesses.
This investment will help digitise online stores and will provide a hassle-free payment process.
Instamojo started as a payments processor for small businesses today, it offers end-to-end solutions for businesses looking to set up an online shop or digitise its processes.
Its onboarding process helps sellers launch without spending too much time on paperwork, and its payments gateway, which is integrated with the online shops, helps them start accepting orders from the get-go.
The platform also offers credit facilities, marketing tools, inventory tracking applications, and logistics, among other things, as part of its digital service added a media report.
This investment is a step taken to ease the work process of merchants in establishing an e-commerce business and empowering them with improved digital payment acceptance facilities.
This will help in reaching a wide range of customers. Ever since the COVID19 pandemic began people have started preferring digital modes of payment.
“While we started as a payments solution for the small business, we have broadened our purview since then and now we are focussed on the larger picture of providing the small businesses with a platform which helps them to start, manage and grow their business online.
It is no longer restricted to just payment collection, but also about starting their own online store, collecting payments and shipping their products. Hence, creating an entire ecosystem of conducting business with ease for the small businesses.
With players like Mastercard showing confidence in us, helps us broaden our horizon further, said Sampad Swain, CEO and co-founder, Instamojo.
“MSMEs and gig workers are an important part of our Indian economy. Mastercard is committed to supporting them with the company’s strategic investment and partnerships to help them unlock the power and potential of digital commerce,” said Rajeev Kumar, Senior Vice President, Market Development, South Asia, Mastercard.
Recently, Amazon Payment Services (APS), a payment processing services provider in the Middle East and North Africa (MNEA) has collaborated with Zurich International Life Limited in order to offer the benefits of digital payments for its consumers in the Middle East